Barclays Did It Again...Another Payment Hold...

So made another 900 pmt on my Barclays card and they put another hold on it. I sent them the below. I don't care if they close my account, as this is insanity.

I have had credit cards with Citi, Amex, BofA, First Premier, Orchard Bank Crap One...never a single payment hold on any of those accounts and I spent 60k with Amex on my Platinum Card ...

So, I sent Barclays this fax:

TIME SENSITIVE REQUEST – ACT NOW!

Pages: 1 of 1

Date: 10/01/12Via Facimile 302-255-8301

Barclay'sExecutive OfficePO Box 8885Wilmington, DE 19899

RE: ACCT # ....

To Whom It May Concern:I opened the above account in Nov 2011.

On 9/27/12 I made a payment of 900.00On 10/1/12 I made a payment of 900.00

My account is in perfect standing

Both of those the above payments are on holds. My account is useless.

I will be going to the LA Times as a friend of mine works in the editorial department and

I will be taking out an article in LA times Money Section. The article will state that it isclearly stated in Barclays consumer credit cards terms & conditions they make place ahold on payments received on their consumer credit cards, but the article will ask themere question, why should a card holder deal with a credit card company that placesholds for no “logical” reason and renders consumers credit accounts with this financialinstitution useless.

In addition, I will explain in the article that I was an American Express Platinum cardmember and spent 60k on that card and never once had a payment hold. The article willgo on to say the most embarrassing moment was when I was out at a client dinner andmy Barclay's card declined because there was a hold on a payment that I was not awareof. The customer service rep nor supervisor could remove the hold and told me I was**bleep** out of luck. The article will conclude with, if you don't want an embarrassingmoment at a restaurant where your financial institution will do nothing to help you,bring your American Express card.

Re: Barclays Did It Again...Another Payment Hold...

So made another 900 pmt on my Barclays card and they put another hold on it. I sent them the below. I don't care if they close my account, as this is insanity.

I have had credit cards with Citi, Amex, BofA, First Premier, Orchard Bank Crap One...never a single payment hold on any of those accounts and I spent 60k with Amex on my Platinum Card ...

So, I sent Barclays this fax:

TIME SENSITIVE REQUEST – ACT NOW!

Pages: 1 of 1

Date: 10/01/12Via Facimile 302-255-8301

Barclay'sExecutive OfficePO Box 8885Wilmington, DE 19899

RE: ACCT # ....

To Whom It May Concern:I opened the above account in Nov 2011.

On 9/27/12 I made a payment of 900.00On 10/1/12 I made a payment of 900.00

My account is in perfect standing

Both of those the above payments are on holds. My account is useless.

I will be going to the LA Times as a friend of mine works in the editorial department and

I will be taking out an article in LA times Money Section. The article will state that it isclearly stated in Barclays consumer credit cards terms & conditions they make place ahold on payments received on their consumer credit cards, but the article will ask themere question, why should a card holder deal with a credit card company that placesholds for no “logical” reason and renders consumers credit accounts with this financialinstitution useless.

In addition, I will explain in the article that I was an American Express Platinum cardmember and spent 60k on that card and never once had a payment hold. The article willgo on to say the most embarrassing moment was when I was out at a client dinner andmy Barclay's card declined because there was a hold on a payment that I was not awareof. The customer service rep nor supervisor could remove the hold and told me I was**bleep** out of luck. The article will conclude with, if you don't want an embarrassingmoment at a restaurant where your financial institution will do nothing to help you,bring your American Express card.

If both holds are removed by 10/03/12, I will not go to the LA Times.

Thank you,

Oh for the love of God...

Threatening a CCC by (gasp!) running to a newspaper?

Apologies in advance is what I am about to say seems harsh, but this reeks of tantrum. You will be wasting your time and money doing this.

I am on record as opposing the holds you describe, but in reality, they have every right to do this. If their business practices do not suit you, move on to another CC.

CHOICE...it is front-and-center in the business world and your ready-made remedy in this situation.

Re: Barclays Did It Again...Another Payment Hold...

Barclays: Oh, it's just the newspaper. Nobody reads those anymore. Now if he had threatened with social media...

Poster would probably be subjected to the same scorn, but it would be far more amusing for both sides involved.

I just don't understand the sense of entitlement that has gripped (and choked the economy within) our American society. Since when are we entitled to have our available credit reinstated on OUR timetable? The lender is the one taking the risk here, not the borrower. We would all do well to remember that when we whine about the terms and conditions WE AGREED TO when we were afforded the PRIVILEGE of unsecured credit.

Re: Barclays Did It Again...Another Payment Hold...

I just don't understand the sense of entitlement that has gripped (and choked the economy within) our American society. Since when are we entitled to have our available credit reinstated on OUR timetable? The lender is the one taking the risk here, not the borrower. We would all do well to remember that when we whine about the terms and conditions WE AGREED TO when we were afforded the PRIVILEGE of unsecured credit.

The lender is taking the risk here, extending you credit on nothing more than a promise to pay. And with terms you signed on the dotted (or digital) line to agree to.

You ask for them to have a logical reason to hold your payment, but to be perfectly frank you have given them that logical reason.

I wrote a scoring algorithm for a major mortgage collection company, and I have been privy to a couple of non-FICO scoring algorithms for the revolving-credit world as well, so while non-disclosure binds me from going into detail on how those algorithms intepret risk (and while you can see that said knowledge has not prevented me from making my own ill-advised mistake recently), I can tell you this much:

Your behavior in getting a credit-line increase, immediately charging up to $25 shy of it, and then proceeding to oscillate between your CLI and CLI minus 900 every week, is a giant red flag for risk.

What every scoring model is attempting to identify is patterns. Patterns that correlate strongly with risk. The pattern of your spending and usage on this card is going to get you sorted into one of two likely buckets:

1. CASHFLOW CONSTRAINED - Someone who does not have sufficient money to handle all of their debts and obligations. You see this a lot when someone has been laid off, for example. Bumping against the CLI ceiling, and spending back up to it as soon as any payment is made.

2. FRAUD PREP - A common credit fraud tactic is to use a card responsibly for a while to get it up to a decent credit limit, then make a "hot" payment that bounces and run away with the proceeds. To their model, you may look like someone who is shoving their limit up just so they can get a bigger haul when they're ready to ditch the account and cash in.

From the lender's point of view, however annoying it may be to you, it's sensible and logical to hold your money until the payment has FULLY cleared. Typically, that's 2 to 4 business days although it can sometimes be longer. It would not surprise me if the first hold lifts today, and that won't be because you threatened them with bad publicity but simply because the money is finally officially in their hands.

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FTC's website on credit.

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.